• We increase our target price (TP) by 2.7% to VND 34,400/share and upgrade our rating for MBB from MARKET PERFORM to BUY as (1) we lift our target P/B to 2.0x vs 1.9x in our previous update and (2) as MBB’s share price has decreased ~10.3% over the last month. Our TP implies a 2021F P/B of 1.88x.

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